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Chinese Consul General Dr.Huang Qinguo's Speech on the 30th anniversary of Paddington,Norton Gold Fields
2015/08/05

The Honourable Bill Marmion, Minister for Finance,

Mines and Petroleum,

Ms.Wendy Duncan, MP of Western Australia

Mr.Fang Qixue, President of Zijin Mining Group

Distinguished Guests, Ladies and Gentlemen,

Good Morning!

It's with my pleasure to visit Kalgoorlie, and attend the celebration for the 30th anniversary of Paddington. Hereby on behalf of the Chinese Consulate in Perth, I'd like to extend my congratulations to the 30 years of operation in Paddington; I'd also like to congratulate Norton Gold Field for the significant achievements it has reached in this land.

Chinese Consul General Dr.Huang Qinguo Delivers a Speech at the Ceremony

As you may be aware, the growth of Australian economy is closely related to China's economic performance. Every day we can see a lot of reports from media, observing and analyzing China's economy, some are optimistic, some are not, and you maybe puzzled about the real situation. Hereby, I'd like to take this opportunity to give you a brief update of our economy. For the past half year, the economy of China has maintained a proper momentum with a steady growth rate of 7%. The quality and efficiency of economy is being enhanced with key indexes improved, showing a stabilizing and steady development is being formed. Specifically speaking, the proportion of the 3rd industry reached 49.5% of GDP, and the consumption contributed 60% of the economic growth. The GDP energy consumption per unit has decreased by 5.9% over the same period last year. The PMI has maintained above the break-even line for 4 months in a row. The high-tech industry remains 2 digits growth rate, with many more new industries, modalities and products growing rapidly. Therefore it is fair to say that the Chinese economy, though under certain level of temporary pressure, still keeps a long term positive momentum. Our economy is being transformed from investment oriented to consumption oriented, and we are striving for better quality and efficiency. All in all, what I can assure you is, the Chinese economy may be confronted with multiple challenges, however in the future, opportunities will always outweigh challenges. Our economy will still keep a steady medium-high speed growth for a long period of time.

The China-Australia relationships have enjoyed very good momentum in recent years. Our cooperation and communication continues to deepen, and this is especially highlighted by our economic and trade cooperation. China has become Australia's No. 1 trading partner, export market and import source country for 6 years in a row, and our bilateral investment is also increasing significantly, according to Australian statistics, China has become Australia's largest investment source in 2014, our economic relationships has never been so close before.

About one and half month ago, the CHAFTA was signed successfully, which marks we are now entering the era of FTA. This is a new impetus for our economic cooperation, and it has reached a win-win goal for both sides. According to the forecast of Australia International Economy Research Center, the CHAFTA will drive a 0.7% growth for the GDP of Australia and a 0.1% for China. Once the free trade agreement take effect, supposedly early next year, it would create huge opportunities for our two countries in regard to promoting bilateral ties, optimizing economic complementarity, advancing trade and investment facilitation, and all in all, improving our people's livelihood eventually.

Ladies and Gentlemen, Australia is known as a country on the mine truck, and is proud of its rich reserves of mineral resources. Mineral cooperation has always been a key factor in Sino-Australia cooperation. In this regard, the West Australia is taking a leading role. Zijin Mining Group is the largest gold manufacture in China, its strategic acquisition of Norton Gold field is not only an important step of its own globalization, but also a snapshot of the win-win cooperation between China and Australia. Both sides are glad to see that, through combining its own advantages of capital and technology with Norton's management experiences, Zijin Group has achieved significant profits against the background of the mineral downfall.

There is an old Chinese saying goes "三十而立", which means a man should be independent, and also be determinate about his goal and direction at the age of 30. In the context of Paddington, 30 years implies inheriting the past glamour and carrying forward into the future. Hereby, it's also my sincere hope that Norton Gold Field could continue its persistent effort to make further achievements.

In the end, I wish the celebration of the 30-year-anniversary of Paddington a great success, and wish all of you health and happiness.

Thank you!

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